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Run Your Side Hustle Like a Boss

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By Kwanda Sibango, additional reporting by Thandile Nkoyi

Image via Adobe Stock.

Running a successful side hustle means staying on top of your spending, managing separate business and personal bank accounts, and knowing how to market your product to the right audience.

With unemployment and inflation at all-time highs, being able to qualify yourself for discounts from your suppliers, can also save you some hard-earned rands. You should also know how to keep your customers coming back to your side hustle.

Let’s learn from seasoned entrepreneurs who share some tips to keep those side hustles running.

Separate accounts

Using your bank account for both your personal finances and your business is a recipe for disaster.

It makes it hard to keep track of your business’s finances, and one night out with the buddy circle could end up ripping a (financial) hole through your business.

Owner of @home_of_elegance1, Asiphiwe Ntusi agrees that separating your accounts is a move you will not regret. “Every side hustler should have a personal savings account and a business account,” says Asiphiwe. Home of Elegance sells hand-crafted bonnets and pillows.

“This helps you track how much money goes in and out of the business”.

Asiphiwe further cautions that “you need to have the discipline to keep that money secured in that account”.

Separating these accounts will also cut down on admin work.

Imagine having to sift through your combined personal and business transaction history just to separate the business stuff. You’re probably more likely to find the needle in the haystack first before you’re done with that kind of admin.

Separating your accounts will make your life a bit easier.

Watch your spending habits

Another reason why you want to separate your accounts is that if you struggle with controlling your spending habits, it may be easy to spend way more than you intend.

You could suddenly crave some fried chicken and chips (while that bunch of apples you bought weeks ago rots away in the fridge), or you’re out in the mall and you spot a dress or t-shirt that you just “must have”. And there goes half of your hard-earned savings.

Likhanyise Lisolethu Mpenge, a photographer who built his photography career using side hustle profits that he made from selling trendy clothes for ladies, shares how he keeps his spending in check.

“I buy assets whenever I have excess money from the side hustle, this way I never waste money because I end up making it back”.

Budgeting is one of the most common ways to manage and track spending. Budgeting will help you manage your finances, keep your lifestyle in check, minimise debt, and grow your savings.

This is just one of many methods you can use to keep your finances in check.

Qualify for supplier discounts

Discounts from suppliers are a great way to avoid overspending on stock. You need to learn how to qualify yourself for discounts.

For Lisolethu, “kindness is key and treating your supplier with respect gets you a step closer to a discount”.

He also recommends using the same supplier every time because “loyalty is an important commodity in the business world”.

Asiphiwe suggests buying stock in bulk, as most suppliers offer bulk buying discounts.

Another way to get good deals from suppliers is to build strong, long-term relationships with them. Regular and respectful communication is one way of establishing such positive business relations.

Also, be willing to compromise with your suppliers, be willing to meet them halfway, and have multiple supplier options.

Know your market and market

Profits are determined not only by your product or service, but also by how many people you’re selling to. Marketing is a crucial aspect of any successful business, big or small.

Social and online media can provide a cost-effective way of getting your business exposure, and using creative approaches can yield great returns.

Lisolethu shares some methods that set his business apart in the digital space:  “I often use humor when I’m advertising my products online. I make short, funny videos and post them on TikTok and when people share these videos, my business gets more exposure,” says the hustler.

You have to be smart with it, though, and that will come with research. You have to know where your target audience hangs out (Facebook, TikTok, or do they mostly use Instagram?), so you can target your advertising effectively.

Once you have that figured out, you can start your fan-based community by creating engaging content consistently, and  be sure to engage with your audience on a regular and consistent basis.

However, if these online things are too “techy” for you, there are other methods to get you business exposure. Face-to-face engagement is one that worked for Asiphiwe.

“I recently started visiting student residences to do door-to-door engagements, and my sales have improved,” she says.

Maintain your clientele

First impressions last. You only have one chance to gain a customer’s loyalty, and all of this depends on the quality of your product or the service you are rendering, and how you present it to your potential customer base.

“I usually give incentives to my online customers, like Airtime giveaways, sometimes I use this strategy to run promos on new products where I offer a R10 Airtime voucher to the first ten customers who place orders on the product,”says Lisolethu.

Asiphiwe’s approach is quality-first. “You just have to deliver the best quality products to your customers. This shows that you respect your customers and in return, they will respect you too and will refer your business to a friend of theirs should they need what you are selling”.

Consistent communication will also go a long way. Check on your clients, whether it be via DMs, responding to social media comments or emails. This will also help you align your offerings with their demands.

Business is not easy, no matter the size, and each level has its own set of challenges. But the hustle must go on, so keep going.

This article was?originally published by Khulani!, a youth media project by the Department of Media and Communication of Nelson Mandela University, based in Gqeberha, Eastern Cape.

Sourced From MyZA.co.za

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